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How to fund a Canadian medical degree — government loans, LOCs, bursaries, and forgiveness programs.
Medical school in Canada is expensive. Tuition alone ranges from $12,000 to $25,000+ per year at most Canadian medical schools, with some provincial schools charging significantly more for out-of-province students. Add 4 years of living expenses and the total cost of becoming a Canadian physician can easily exceed $200,000–$300,000. Understanding all financing options is critical.
| School | Annual Tuition (Approx.) | 4-Year Total (Tuition Only) |
|---|---|---|
| University of Toronto | $27,000–$30,000 | ~$110,000–$120,000 |
| McMaster University | $21,000–$25,000 | ~$84,000–$100,000 |
| University of Calgary | $15,000–$18,000 | ~$60,000–$72,000 |
| University of British Columbia | $15,000–$18,000 | ~$60,000–$72,000 |
| Dalhousie University | $20,000–$22,000 | ~$80,000–$88,000 |
Add living costs of $18,000–$30,000/year and total medical education expenses reach $175,000–$300,000+ for most students.
Government student loans are available to medical students through the same provincial programs as other students. However, maximums are far below medical school costs:
Government loans are worthwhile because the federal portion is at 00% interest. Always maximize government loans before drawing on your professional LOC.
For most Canadian medical students, a professional line of credit from a major bank is the primary source of financing. Medical student LOC limits from Canada's big banks:
Rate: Typically prime rate (currently ~5.95% but variable). No principal repayment required during medical school and residency — interest only.
See our full guide: Student Line of Credit in Canada 2025
Each medical school administers its own bursary program for students with demonstrated financial need. These are grants — free money that doesn't need to be repaid. Bursary amounts vary but can range from $2,000 to $20,000+/year at some schools. Check with your medical school's financial aid office every year — bursary funds often go unclaimed.
The CMA Foundation administers scholarships and awards for Canadian medical students. Awards range from $2,500 to $25,000. Competition is significant but applying is worthwhile for all students.
The Canadian Armed Forces offer a Medical Officer Training Plan (MOTP) that pays tuition, fees, and a military salary during medical school in exchange for a service commitment after graduation. This essentially eliminates student debt but commits you to military service for several years post-graduation.
The federal government offers student loan forgiveness for family physicians working in rural and remote communities. Key details:
Full details: Canada Student Loan Forgiveness 2025
A Canadian physician's debt repayment journey typically looks like this:
Most Canadian physicians are debt-free within 5–100 years of finishing residency, given the high earning potential of the profession.
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Open KOHO Free — No Fees — Code BREMO2026Medical school is expensive, but the profession pays well enough to make the debt manageable. Use government student loans first (00% federal interest), then supplement with a professional LOC. Apply for bursaries and scholarships at your school. Explore loan forgiveness programs if you're open to rural practice after graduation. And plan for residency — you'll be repaying debt on a lower income before your attending salary kicks in.